U.S.: Virgin Olive Oil Market 2023

Virgin Olive Oil Market Size in the U.S.

The U.S. virgin olive oil market totaled $X in 2021, growing by 6.1% against the previous year. In general, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +8.0% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2018; afterwards, it flattened through to 2021.

Virgin Olive Oil Production in the U.S.

In value terms, virgin olive oil production shrank slightly to $X in 2021. In general, production, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 80% against the previous year. Virgin olive oil production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Virgin Olive Oil Exports

Exports from the U.S.

In 2021, approx. X tons of virgin olive oil were exported from the United States; growing by 11% on the previous year. The total export volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 25% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 32%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Canada (X tons) was the main destination for virgin olive oil exports from the United States, with a 39% share of total exports. Moreover, virgin olive oil exports to Canada exceeded the volume sent to the second major destination, Panama (X tons), threefold. Mexico (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Canada stood at +1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+19.1% per year) and Mexico (+9.5% per year).

In value terms, Canada ($X) remains the key foreign market for virgin olive oil exports from the United States, comprising 43% of total exports. The second position in the ranking was held by Mexico ($X), with an 11% share of total exports. It was followed by Panama, with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada amounted to +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+9.4% per year) and Panama (+11.4% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2021, growing by 8.9% against the previous year. In general, the export price saw a relatively flat trend pattern. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Israel ($X per ton), while the average price for exports to Belize ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Virgin Olive Oil Imports

Imports into the U.S.

In 2021, supplies from abroad of virgin olive oil decreased by -8.9% to X tons for the first time since 2017, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 with an increase of 18%. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, virgin olive oil imports expanded sharply to $X in 2021. In general, total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 15%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Italy (X tons), Spain (X tons) and Tunisia (X tons) were the main suppliers of virgin olive oil imports to the United States, with a combined 79% share of total imports. These countries were followed by Portugal, Greece, Argentina, Chile and Morocco, which together accounted for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Portugal (with a CAGR of +56.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil suppliers to the United States were Italy ($X), Spain ($X) and Tunisia ($X), with a combined 78% share of total imports. Portugal, Greece, Argentina, Chile and Morocco lagged somewhat behind, together accounting for a further 19%.

Portugal, with a CAGR of +58.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average virgin olive oil import price amounted to $X per ton, increasing by 20% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 23% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Morocco ($X per ton), while the price for Tunisia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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